Friday, August 11, 2006

Alberta Land Titles Backlog

People buying homes in Edmonton and Calgary are now waiting three weeks or more for their mortgage and land title paperwork to clear the system.Normally, the wait is two to six days.

Eoin Kenny, spokesman for Alberta's Government Services, says brisk real estate sales and the inexpensive cost of second mortgages are causing the record-breaking backlog.

"For instance, in 2004-2005, we did 5.8 million transactions. Last year it was 6.5 million transactions. And we're looking to break 7.5 million this year. So that gives you some sense of just how busy those offices are."

Officials in land titles offices in both cities are working evenings and weekends to deal with a record number of mortgages and title transfers.

Kenny says homeowners can speak with their real estate agents or lawyers about how they can still safely take possession of their properties even if the paperwork isn't ready. He expects the backlog to be cleared up in September.

***More on this in a day or two but basically you need to find a lawyer and lender who accept "western protocol" in order "safely take possession" of your new home.

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